Fifth Third Bancorp (NASDAQ: FITB) shares rose on Wednesday Nov 30 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, raising the price target of stock.
Meanwhile, the Dow Jones Industrial Average hit an intraday record after opening higher Wednesday, led by the energy sector as hopes rose that the world’s major oil producers are near a deal on limiting output.
The benchmark S&P 500 and Dow were on track to post their largest monthly gains since March.
The S&P 500 SPX, +0.22% gained 5 points, or 0.2%, to 2,209. The Dow Jones Industrial Average DJIA, +0.41% added 62 points, or 0.3%, to 19,184, trading in record territory. The Nasdaq Composite COMP, -0.08% was 7 points, or 0.1%, higher at 5,386.
Fifth Third Bancorp (NASDAQ: FITB) had its price target boosted by equities researchers at Wedbush from $25.00 to $26.00. Wedbush currently has a rating of Neutral on the shares. As a means of comparison, a number of other analysts have spoken on the company recently, and Fifth Third Bancorp has secured a consensus one-year price target of $23.91, lower than the opening price of $25.89. Fifth Third Bancorp stock has a 52-week high of $26.62.
Shares of Fifth Third Bancorp (NASDAQ: FITB) opened at $25.89 on Tuesday and has traded in a range between, $25.66 and $26.21, and last traded at $26.08, a spike of $0.69 or 2.72% from the previous closing price.
Fifth Third Bancorp (NASDAQ: FITB) now has a market cap of 19.71B.
Fifth Third Bancorp (NASDAQ: FITB) Average Daily Trading Volume
The stock’s average daily volume is 8,057,510 shares out of a total float 752,621,000 and some 1,820,527 shares crossed the trading desk yesterday, lower than the average. Momentum traders often use upticks in trading volume to pinpoint heavy volume aggregation or circulation by institutional investors, so look for trading volume to pick up in the coming days.
However, a single day of significant buy side trading is not enough to assert a trend. So market traders will continue to watch for institutional sponsorship as an indicator that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts that research thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re considering.
Fifth Third Bancorp (NASDAQ: FITB) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
Traders can make more impactful decisions on trades when they track the trading habits of professional investors.
Trades for Fifth Third Bancorp (NASDAQ: FITB) have ranged from $13.84 – 26.62, and the stock now has a 50-day MA of $22.58 and 200-day MA of $19.92. Today’s last price is 2.05%% lower than the 52 week high of $26.62.
Earnings growth is a critical factor to research when buying stocks and investors look for companies that have grown their earnings by at least 25% over the past 3 years.
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